http://quote.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=RFX:US&sid=aFv6avZHLS_M "The complaint details the extensive due diligence process the Fund began in the fall of 2003 before making an investment in Refco 10 months later in August 2004. The Fund devoted thousands of man hours and paid over $10 million in fees to outside advisors in connection with the transaction and the due diligence process. In the course of this due diligence, the Fund obtained written and oral representations and warranties from Bennett and others that there were no contracts, arrangements or other related-party agreements of the kind that lie at the heart of the fraud perpetrated by Bennett and Maggio, according to the recent indictment of Bennett by the U.S. Attorney for the Southern District of New York. " seems THLee did the best job they could... if it hadn't been for Liberty Corner & Mayer Brown just looking the other way for a fee and helping Bennett with such an obvious window-dressing type transaction... http://us.ft.com/ftsuperpage/superp...tm_medium=OrganicSearch&utm_campaign=URLCrawl and thats all they have to say for their defense, as if that were an acceptable standard: http://sev.prnewswire.com/banking-financial-services/20051020/NYTH03020102005-1.html "The transactions in question, which involved LCCS and did not involve securities lending firm Liberty Corner Cash Management or investment advisor Liberty Corner Advisors, were memorialized in loan documents prepared by Refco's outside counsel, Mayer, Brown, Rowe & Maw, and were expressly guaranteed by Refco's parent company, Refco Group Ltd., LLC. Those documents were also reviewed by LCCS's outside counsel. Under the circumstances, there was simply no reason for anyone at LCCS to question Refco Group Ltd., LLC's business reasons for wishing to engage in and guarantee transparent, reportable transactions that, on their face, involved two of its subsidiaries" can't believe they are not even getting caught into the sarbannes-oxley net... hope they'll get nailed eventually, Mayer Brown included... http://biz.yahoo.com/iw/051014/098049.html but in all likelihood they'll simply be allowed to carry on business as usual and they'll still be laughing about the whole thing on the golf courses for years to come...